Funding & Purpose

Funding is provided by Community Development Block Grant (CDBG) Funds through the United States Department of Housing and Urban Development.

The Economic Development Loan Fund was created to reduce the historically high unemployment rate and low per capita income of Augusta-Richmond County.

Loans are provided to for-profit businesses to finance development projects, establish new businesses, and/or fund the expansion of existing businesses. These funds may also be used to create employment opportunities and/or retain existing jobs for low- and moderate-income persons.

The Re-Captured Urban Development Action Grant Loan Funds are used to assist severely distressed large and small cities containing pockets of poverty in alleviating economic deterioration by means of increasing public and private investments in order to aid in economic recovery to strengthen the economics, employment, and tax bases of distressed cities.